Princeton Capital Management LLC Sells 1,998 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Princeton Capital Management LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,732 shares of the semiconductor company’s stock after selling 1,998 shares during the period. Microchip Technology accounts for approximately 0.8% of Princeton Capital Management LLC’s holdings, making the stock its 24th biggest holding. Princeton Capital Management LLC’s holdings in Microchip Technology were worth $2,537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Financial Counselors Inc. increased its position in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC grew its holdings in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Meridian Wealth Management LLC raised its position in Microchip Technology by 5.1% in the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after purchasing an additional 137 shares during the period. Horizon Bancorp Inc. IN lifted its stake in Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 145 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $82.16 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $44.08 billion, a price-to-earnings ratio of 23.68 and a beta of 1.54. The firm has a 50 day moving average of $85.50 and a 200 day moving average of $88.47. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the business posted $1.56 EPS. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In other news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MCHP. UBS Group upped their target price on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. KeyCorp upped their price objective on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. TD Cowen lowered their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.